There is about a 40% chance of a U.S. recession this year and a risk of lasting damage to the country's standing as an investment destination if the administration undermines trust in U.S. governance,

U.S. stocks have suffered their sharpest selloff in months as investors have grown nervous that Trump will slow the economy with import duties.

Consumers, businesses and investors are increasingly jittery about the risks of a protracted slump. So what exactly is a recession?